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Net finance costs
 12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Net finance costs

6. Net finance costs

 

All figures in £ millions

    Notes      2017     2016     2015  

Interest payable

         (99 )      (74 )      (61 ) 

Net foreign exchange losses

         —       (21 )      (36 ) 

Finance costs associated with transactions

         (6 )      —       —  

Derivatives not in a hedge relationship

         (5 )      (2 )      (3 ) 
     

 

 

    

 

 

    

 

 

  

Finance costs

         (110 )      (97 )      (100 ) 
     

 

 

    

 

 

    

 

 

  

Interest receivable

         20       15       15  

Net finance income in respect of retirement benefits

      25        3       11       4  

Net foreign exchange gains

         44       1       43  

Derivatives not in a hedge relationship

         12       10       9  

Derivatives in a hedge relationship

         1       —       —  
     

 

 

    

 

 

    

 

 

  

Finance income

         80       37       71  
     

 

 

    

 

 

    

 

 

  

Net finance costs

         (30 )      (60 )      (29 ) 
     

 

 

    

 

 

    

 

 

  

Included in interest receivable is £1m (2016: £1m, 2015: £1m) of interest receivable from related parties. There was a net movement of £1m on fair value hedges in 2017 (2016: £nil, 2015: £nil), comprising a gain of £37m (2016: loss of £4m, 2015: gain of £22m) on the underlying bonds, offset by a loss of £36m (2016: gain of £4m, 2015: loss of £22m) on the related derivative financial instruments.